Ministry of Trade, Industry and Energy

Auto sales show signs of recovery in January

The Ministry of Trade, Industry and Energy announced on February 16 that domestic car sales and automobile part exports inched up in January while production and exports of vehicles declined due to fewer working days in the month,    Domestic car sales showed signs of recovery, advancing 0.2 percent to 123,575 vehicles in January from a year earlier thanks to the higher sales of vehicles produced in Korea.    The sales of domestically built cars climbed up 1.2 percent to date2017-02-16

ICT exports surge 16.7% in January

The Ministry of Trade, Industry and Energy announced on February 15 that exports of information and communication technology (ICT) products expanded 16.7 percent, the fastest pace in 44 months, to USD 13.8 billion in January from a year earlier on strong sales of semiconductors and displays.   Exports of ICT goods, which account for more than a third of Korea’s total exports, advanced for three consecutive month with a double-digit growth achieved in December and January.  &nb date2017-02-15

Ministry launches policy control tower for future of car industry

The Ministry of Trade, Industry and Energy announced on February 7 that Trade, Industry and Energy Minister Joo Hyunghwan hosted the first meeting of the public-private ``Automotive Industry Development Committee'' in Seoul and discussed a range of strategies for the industry that is at a turning point.   The Ministry launched the committee to examine complicated issues facing the Korean automotive industry and discuss mid- and long-term strategies, especially for future car technologies. date2017-02-07

Ministry announces measures to improve battery, smartphone safety

The Ministry of Trade, Industry and Energy (MOTIE) has concluded through its own investigation that the battery problem in manufacturing processes may have caused fires in Samsung Electronics’ Galaxy Note 7 smartphone, it said in a press release on Monday. In its efforts to prevent the recurrence of similar accidents and to enhance protection of consumers, the Ministry will strengthen the safety rules for new technology-based lithium-ion batteries in the phrase of production and as well date2017-02-06

Ministry, think tanks discuss 'New Trade Roadmap'

The Ministry of Trade, Industry and Energy announced on February 1 that Trade, Industry and Energy Vice Minister Woo Taehee hosted this year’s second meeting of the ‘trade policy forum’ to hear major think tanks’ opinions on the upgrading of the “New Trade Roadmap” in response to the changing trade environment.   The ‘trade policy forum’ provides a platform for Trade Ministry officials and representatives from industry and academia to regula date2017-02-01

Korean exports surge 11.2% in January

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports surged 11.2 percent to USD 40.3 billion in January from a year earlier, marking the first double-digit growth since January 2013.   This is also the first time since April 2014 exports expanded for the third consecutive month. The growth rate of won-denominated exports notched a 59-month high at 9.7 percent while the average daily exports grew at the highest rate in 65 months at 16.4 percent. &n date2017-02-01

Korea’s retail sales grow 8.5% in 2016

The Ministry of Trade, Industry and Energy announced on January 31 that retail sales rose by 8.5 percent in 2016 from a year earlier, driven by a double-digit growth of e-commerce sales.    Online retail sales soared 18.1 percent year-on-year in 2016 while in-store sales increased 4.5 percent. E-commerce sales have recorded a double-digit growth for three consecutive years amid the shift toward shopping on the Internet. It represents 32.4 percent of the total retail sales in 2016, up date2017-01-31

ICT exports expected to rebound in 2017

The Ministry of Trade, Industry and Energy announced on January 25 that exports of information and communications technology (ICT) products contracted 6 percent in 2016 from a year ago, but are expected to return to growth this year, having already rebounded to positive territory in the fourth quarter.   In 2016, exports of ICT products, including semiconductors, mobile phones, computers and displays, dropped 6 percent to USD162.5 billion from a year earlier while imports fell 1.8 percent date2017-01-25